Strategy plans to support a $1 billion preferred stock buyback through a $1.25 billion bitcoin monetization plan.
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According to Odaily, on June 29, Strategy increased the annualized dividend of STRC to 12% and authorized a $1 billion buyback program covering four preferred securities: STRC, STRF, STRD, and STRK, with STRC as the initial priority repurchase target. Strategy disclosed that the buyback funds will not come from its approximately $2.55 billion in USD reserves but may come from a $1.25 billion Bitcoin monetization plan approved at the same time. This week, STRC traded in the mid-to-high $80 range, with some trading days falling below $85, lower than Strategy’s long-term price target of $99 to $100. Peter Schiff stated that STRC’s price below $87 indicates that Wall Street doubts the growth rate of Bitcoin. (Bitcoin.com News).
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